While you may think getting “rich” is impossible, the truth is that with consistency and discipline, almost anyone can drastically improve their financial lives and may even build substantial wealth.
Aside from cryptocurrency millionaires or the Jeff Bezos of the world, most rich people followed a reasonably simple formula over many years to reach their level of abundance.
1. Make it Your Goal
First and foremost, you must make getting rich a goal of yours.
Studies have shown that those who take the time to set goals are up to 10 times more likely to achieve them.
2. Educate Yourself
Once you’ve set yourself the goal of becoming rich and determined a number that will mean you’ve reached that goal, it’s time to begin educating yourself on how to get there.
3. Know Your Personal Finance Numbers
There are several critical personal finance numbers you need to know, including:
– Credit score
– Net worth
– Total debt
– Total savings
– Interest rates
4. Make a Plan
You’ve now laid the groundwork for getting rich, but simply deciding you want to become rich in and of itself and calculating some numbers won’t get you there.
6. Increase Your Income
The other side of the coin from debt payoff is increasing your income. When considering how to get rich, increasing income is probably the most impactful thing you can do.